The Reserve Bank’s decision to increase the repo rate by 75 basis points to 5.5% on 21 July was monetary policy madness. It showed that the bank is only accountable to itself and does not care about the economic pain of millions of South Africans who are reeling from the shocks of a once-in-a-century pandemic and recession as well as the war in Ukraine.
The time has come to rethink the independence and mandate of the bank and the composition of its monetary policy committee.
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The views expressed are those of the author and do not reflect the official policy or position of the Mail & Guardian.
Eyaaz Matwadia
Eyaaz Matwadia is a member of the Mail & Guardian’s online team.
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